More jobs, greater royalty payments attached to Hope Bay sale, company reps say – by Derek Neary (Nunavut News – October 5, 2020)

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TMAC Resources is promoting the long-term advantages of selling its assets, including the Hope Bay gold mine, to China’s Shandong Gold Mining amid the unpredictability of Covid-19 and uncertainty over the federal government and the Kitikmeot Inuit Association’s stance on the pending transaction.

Several mine workers at Hope Bay tested positive for the coronavirus in late September and the company subsequently imposed a temporary travel embargo.

TMAC shareholders approved the $149 million (U.S.) sale to Shandong in June, but the Government of Canada still must decide whether a national security review is required.

The Kitikmeot Inuit Association reiterated on Sept. 28 that it will not comment on the status of Hope Bay until the federal government has announced its decision.

A TMAC news release on Aug. 13 stated that Ottawa extended its timeline until Oct. 19 to determine whether a national security review is in order. However, a statement from Innovation, Science and Economic Development Canada on Sept. 28 said the government cannot provide specific details of individual transactions “due to confidentiality provisions.”

For the rest of this article: https://nunavutnews.com/nunavut-news/more-jobs-greater-royalty-payments-attached-to-hope-bay-sale-company-reps-say/

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